Market Reports

MARKET ACTIVITY REPORTS

CHARLESTON, SC—(July 10, 2015) 1,679 homes sold in June in the tri-county area at a median price of $240,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). In June 2014, 1,453 homes sold at a median price of $227,548.

At the halfway point in the year, data shows that sales volume is nearly 19% ahead of where it was a year ago, and median price has increased by 4% in the region. Thus far in 2015, 7,899 homes have sold at a median price of $225,000. Halfway through 2014, 6,654 homes had sold at a median price of $216,274.

Inventory declined slightly from last month, with 5,725 homes listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS).

As home prices continue to make up ground, more people will be able to sell their homes, and inventory will increase. Even though our regional market didn’t experience as drastic a downturn as other markets around the country, many potential sellers are still held back by negative or zero equity. “Many people who would like to list their homes can’t yet” said 2015 CTAR President, Matt DeAntonio. “Even if potential sellers have some equity in their home, it may not be enough for a down payment on their next home, and it takes time to build equity” he continued. “Currently, the demand in our market is very high and is starting to outpace inventory. As the Charleston market enjoys sustained, healthy price growth, more homeowners will be able to sell their homes as we progress through the second half of the year” said DeAntonio.

May AdjustmentPreliminary figures showed 1,457 homes sold in May in the tri-county area at a median price of $235,000. Adjusted data now shows 1,466 sales at the same median price.

Berkeley County
380 homes sold at a median price of $202,815 in Berkeley County in June. The most active area of the county was the area bordered by Jedburg Road/Hwy 17A/College Park—where 117 homes sold at a median price of $202,790.

Charleston County
954 homes sold at a median price of $293,107 in June in Charleston County. The most active area of the county was West Ashley (outside I-526), where 137 homes sold at a median price of $228,500.

Dorchester County
296 homes sold at a median price of $197,500 in Dorchester County in June. The most active area of Dorchester County was Summerville/Ridgeville, where 153 homes sold at a median price of $219,000.